Chevron Takes 22% Stake in Texas Biodiesel Company
11 May 2006
Chevron Corporation, through its subsidiary, Chevron Technology Ventures LLC (CTV), has invested in a Texas-based company that is building a biodiesel plant that will have the potential to produce up to 100 million gallons per year.
Chevron has taken a 22% stake in Galveston Bay Biodiesel LP (GBB). The Houston-based company is constructing a biodiesel production and distribution facility in Galveston, Texas, scheduled for completion by the end of 2006.
GBB will have initial production of 20 million gallons per year, and the facility has the capability to expand operations to produce 100 million gallons of fuel per year. Total US biodiesel production in 2005 was 75 million gallons.
GBB will produce biodiesel from soybeans and other renewable feedstocks. GBB has the option to sell pure biodiesel or biodiesel blended with off-road or on-road diesel into marine, commercial, trucking and industrial markets in the Galveston and Houston metropolitan areas.
The biodiesel industry in North America is at an early stage of development, typified by small operations producing small quantities of fuel. This is an opportunity to engage in one of the first large-scale biodiesel production operations, providing renewable fuel to industry in Galveston, Houston and surrounding areas.—Dana Flanders, president CTV
Other investors in GBB are Contango Capital Biofuels Partners LP, Galveston Bay Biodiesel Management LLC, Sultex LLC, Mobius Risk Group LLC, and Beaver Creek Fund, Ltd.
Imperium Renewables, the parent of Seattle Biodiesel, recently announced a planned 100-million gallon-per-year biodiesel plant in Washington state. (Earlier post.)
I hope this is not an attempt to bury the technology.
Posted by: Joe Rocker | 11 May 2006 at 09:29 AM
They must have an outlet to throw th=eir cash at so that they might have a future after the fossil petro party is over.
Posted by: allen zheng | 11 May 2006 at 10:48 AM
They must have an outlet to throw their cash at so that they might have a FUTURE after the fossil petro party is over!
Posted by: allen zheng | 11 May 2006 at 10:49 AM
Not surprising that they would make this move and it is highly unlikely that they would attempt to "bury the technology". Look at BP, they are one of the largest providers of small solar power systems around.
Posted by: Patrick | 11 May 2006 at 12:24 PM
Oil companies are oil companies only because oil currently is the best way to make fuels. They realy dont get a damn where the raw material comes from as long as its profitable.
Posted by: wintermane | 11 May 2006 at 10:33 PM
"Hopefully",in time,this move will be good for the country as they use profits made from the sufferage of the common man. From the pumps to the stores to our everyday quality of life. In time,if money is not used to do good we may have our children working in sweat shops in order to survive.
Posted by: Gary | 12 May 2006 at 08:57 AM
we can supply raw materials for boidiesel as muh as you want.
Posted by: adewale ojo | 31 December 2007 at 08:25 AM